George steals your wallet making himself better off

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Unformatted text preview: 10. George steals your wallet, making himself better off, and you worse off. Before the theft took place the allocation of resources was necessarily efficient. A) True B) False 11. Ice cream is congestible. A) True congestible= rival B) False 12. A private good is: A) nonexcludable and rival in consumption. B) excludable and nonrival in consumption. C) excludable and rival in consumption. D) nonexcludable and nonrival in consumption. definition 13. In our story about taming the Wild West, the arrival of John Wayne decreased the farmer's cost of protecting his property rights. A) True B) False 14. My demand for cigars is C=12-3P where P is the price of cigars and C is the number of cigars I purchase and smoke. Assume the current price of cigars is $2/cigar. Given my demand curve, I choose to consume 6 cigars. My total willingness-to-pay for these 6 cigars is A) $12 area under demand curve= WTP B) $6 C) $18 D) Not enough information to tell. solve for intercepts, find area of triangle, subtract smaller triangle and BAM...
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This document was uploaded on 02/18/2014 for the course ECON 2010 at Colorado.

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